Global Smart Lock Market size was valued at US$ 1.87 Bn. in 2021 and the total Smart Lock revenue is expected to grow at 12.6 % through 2022 to 2029, reaching nearly US$ 4.83 Bn.

Smart Lock Market Overview:

The Smart Lock market report offers a thorough analysis of the opposition, together with information on market share and company profiles for the leading foreign rivals. The scope of the study includes a full examination of the Smart Lock Market as well as the factors influencing regional variations in the growth of the sector.

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Market Scope:

After market engineering, which involved market statistics calculations, market size predictions, market projections, market breakdown, and data triangulation, was complete, extensive primary research was carried out to collect data and check and validate important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the overall market segments and sub-segments outlined in this research. In order to provide vital information throughout the study, all data collected during the market engineering process is submitted to extensive qualitative and quantitative analysis.

Drivers:

The smart lock is the newest style that is dominating the hospitality industry. After the Covid-19 pandemic, the smart lock market became increasingly popular as more consumers and companies converted to digital transactions. The use of mobile apps for check-in has made life much simpler for both hotel staff and guests. In hotels, wireless electronic door locks make it simpler to secure rooms, boost staff productivity, and enhance guest security. For every significant lock manufacturer in the hospitality industry, smart locks make up the majority of sales. With more than 5 million rooms in the US, smartphone lock usage is rising. Acceptance by everyone will take time. During the anticipated period, market growth has been fueled by the accelerating rate of technological innovation in the hotel sector.

Segmentation:

The segment for deadbolts had the largest market share in terms of lock type in 2021. The growth of this market is being driven by the expanding applications in numerous industries and simplicity of installation. One of the most popular styles of exterior house locks is the deadbolt. The growth of this market is being driven by its low installation costs, excellent durability, and efficient defence against intense incursions or attacks in residential, commercial, and other verticals. Additionally, industry leaders like Kwikset are expanding their selection of high-tech deadbolts with integrated features like low battery warning, one-touch locking, and personalised user codes, drawing in a sizable user base.

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Key Players:

To identify the market's leaders and predict market revenue, both primary and secondary research are performed. CEOs, marketing executives, and seasoned front-line employees are just a few of the significant thought leaders and subject matter experts that are included in the primary study's in-depth interviews. As part of the primary research, extensive interviews with important thought leaders and business professionals, such as CEOs, marketing executives, and seasoned front-line staff, were conducted. As part of the secondary research, a review of the annual and financial reports of the major manufacturers was also done. Secondary data is employed to calculate percentage splits, market shares, growth rates, and global market breakdowns. The results of these calculations are then compared to primary data. The Smart Lock market is dominated by the following businesses:

• ASSA ABLOY (Sweden)
• Allegion plc (Ireland)
• dormakaba Group (Switzerland)
• Spectrum Brands Holdings, Inc. (U.S.)
• Salto Systems S.L. (Spain)
• Carrier (U.S.)
• Cansec Systems Ltd. (Canada)
• GANTNER Group (UAE)
• Master Lock Company LLC (U.S.)
• Master Lock Company LLC (U.S.)
• Samsung (South Korea)
• SentriLock, (U.S.)
• Avent Security (Vietnam)
• DESSMANN Schliessanlagen GmbH (Singapore)
• Haven Lock, Inc., (U.S.)
• Dahua Technology Co., Ltd (China)

Regional Analysis:

The regional market research analysis for Smart Lock also covers particular market driving forces and changes in market laws affecting current and future market trends. Current and upcoming trends are studied in order to evaluate the potential market as a whole and find profitable patterns to establish a better foundation. The appraisal of the geographic market is built on the basis of the current environment and expected tendencies.

COVID-19 Impact Analysis on Smart Lock Market:

Due to a halt in operations, the growth of end-user industries using Smart Lock decreased from January 2020 to May 2020. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. As a result, the market for Smart Lock manufacturers as well as the profits of companies operating in these industries both experienced a sharp decline. This had an impact on the market's expansion in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business need for Smart Lock has been severely decreased.

Key Questions Answered in the Smart Lock Market Report are:

Which market segment accounted for the most percentage of Smart Lock in 2021?
How competitive is the market environment?
What are the primary factors influencing the Smart Lock market's growth?
Which region dominates the Smart Lock market in terms of market share?
What will be the market's expected CAGR from 2022 to 2029?
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